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Property Purchase

Posted: Sat Apr 3, 2021 2:43pm
6 replies258 views4 members subscribed
TAY3318

Posts: 19

Location: Villamartin

Joined: 31 Jan 2021

Hi

We are buying our first property in Spain at the moment have a completion date of around September. 

I've opened a TransferWise account and have already used this to pay for the Military Permission document and to pay the deposit. 

Does anyone know whether I can use my TransferWise account to pay the outstanding balance on completion or do I need to find another way due to the large amount of funds to be transferred?

Thanks 

Mark

Portet

Posted: Sat Apr 3, 2021 2:48pm

Portet

Very helpful member

Posts: 568

534 helpful points

Location: Moraira

Joined: 13 Jan 2021

Posted: Sat Apr 3, 2021 2:48pm

TAY3318 wrote on Sat Apr 3, 2021 2:43pm:

Hi

We are buying our first property in Spain at the moment have a completion date of around September. 

I've opened a TransferWise account and have already used this to pay for the Military Permission document and to pay the deposit. 

Does anyone know whether I can use my TransferWise account to pay the outstanding balance on completion or do I need to find another way due to the large amount of funds to be transferred?

Thanks 

Mark

It should be possible. I used Currencies Direct which is a similar service but I had to phone them beforehand to arrange for such a large transfer to take place. Suggest you contact their CS to check.

Herefordjack

Posted: Sat Apr 3, 2021 2:50pm

Herefordjack

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Location: Pego

Joined: 18 Dec 2017

Posted: Sat Apr 3, 2021 2:50pm

I used Transferwise to move the purchase price of my house (190,000€) from the UK to my Spanish bank, no problems at all, except you need to warn your UK bank about the large amount of money being paid to Transferwise. It can cause problems at the UK end otherwise.

Portet

Posted: Sat Apr 3, 2021 3:00pm

Portet

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Posts: 568

534 helpful points

Location: Moraira

Joined: 13 Jan 2021

Posted: Sat Apr 3, 2021 3:00pm

The other thing to bear in mind is that Tranferwise do not offer quite the same protection for your money as most banks. All of your money would be protected in a bank covered by FSCS. Not sure about TW

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Samjayne70

Posted: Sat Apr 3, 2021 7:03pm

Posts: 53

13 helpful points

Joined: 19 Nov 2020

Posted: Sat Apr 3, 2021 7:03pm

We are an estate agencies here in Spain and we recommend all of our clients to use www.currencies.co.uk.

Good luck with your purchase.

dinnerout

Posted: Sun Apr 4, 2021 12:48am

dinnerout

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Posts: 2181

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Location: Beniarbeig

Joined: 18 Sep 2015

Posted: Sun Apr 4, 2021 12:48am

Some UK bank accounts have a daily online withdrawal limit so check this in order to avoid a potential glitch on the day. (For example if you can't get the whole sum to the client on completion day the Notary will not proceed with the sale)

Some solicitors recommend taking a Bankers draft to the completion, handed to the Vendor on signing the deeds (Escritura) transfer. Spanish banks however will charge a fee for issuing one.

I agreed to take first year house insurance with Sabadell so that they would waive the fee. I then changed over to Liberty Seguros after the first year.

I also seem to recall someone posting here at some point that their Spanish bank charged them for receiving a large amount, so perhaps check with your bank about this.

Good luck with your purchase, Steve

Stevec2x

Posted: Sun Apr 4, 2021 11:33am

Stevec2x

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Location: Playa Flamenca

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Posted: Sun Apr 4, 2021 11:33am

We bought our house in 2019 and used TW to pay the deposit. I tried hard to pay the balance in the same way, but the officials involved are still living in the last century and insisted on (expensive) Spanish bankers drafts and envelopes stuffed with cash! Oh well

I used TW to put the money into our Spanish bank account - I did it in smaller chunks ahead of the completion date. I'd previously bought a car using TW, which (iirc) involved supplying TW with extra ID.

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